Property Condition Assessment

When funding the purchase of an improved property, the age and condition of the improvements can be determined in an effort to minimize the exposure of the financial institution over the life of the loan. A Property Condition Assessment includes the following:

  • Visit to the Site by a Trained Professional
  • Interview with the Current and Previous Maintenance Personnel
  • Review of in place Building or Site Permits
  • Review and comparison to Plans and Specifications
  • Review and Analysis of:
    • Building Structural Systems
    • Site Utilities
    • General Handicapped Accessibility
    • Mechanical Systems
    • Electrical Systems
    • Plumbing Systems
    • Roofing Type and Installation
    • Exterior Veneers and Sealants
    • Opening, Doors, and Glazing
    • Interior finishes
    • Site Improvements and Landscaping
  • A Capital Replacement Schedule Outlining the cost of repair or replacement of Major Equipment or Systems over the life of the loan (current dollars and adjusted for inflation)
  • A Budget describing expenses to replace or repair the immediate problems
  • A Budget Schedule to allow for future expenses for items which have or will reach their expected useful life.
 

Guarding the interests of Real Estate Lenders since 1985, with Integrity and Professionalism.